PTA LIABILITY WAIVER ADDENDUM
Resident and Management acknowledge that, even if Resident has Renter’s Insurance, there are various types of accidental damage for which Resident may still be liable to Management. In order to avoid situations where Management seeks recovery directly from Resident, Management has established the Protect the Apartment Liability Waiver Program (“PTA”).
TERMS & CONDITIONS:
AGREEMENT: The PTA is a private contractual agreement between Management and Resident. It is not insurance and does not cover the personal belongings of the Resident. Management does not waive its right to recover from renter’s insurance (if available) or from any 3rd party; instead only from the resident up-to a $15,000 loss.
COST OF THE WAIVER PROGRAM: The PTA Liability Waiver Fee is $13.25/month, to be paid along with rent and other monthly apartment charges. This fee will be prorated for fractional months where applicable.
The PTA Liability Waiver Fee can be reduced to $6.25/month ($7 monthly discount) if paired with a qualifying renter’s insurance policy. In this case, it will be the responsibility of the Resident to provide valid and current proof of renter’s insurance on a bi-annual (6 month) basis.
WHAT IS COVERED: In exchange for PTA Liability Waiver Fee, Management waives its right to recover from Resident for accidental damage to the apartment (damages not to exceed $15,000) due to fire, smoke, and water overflow or back-up.
EXTRA BENEFITS: In addition to the $15,000 maximum liability waiver, the PTA program gives additional valuable benefits.
If the entire building in which resident resides must be evacuated for over ten (10) days for repairs or reconstruction due to an accidental fire or flood, then resident will be entitled to the following benefits:
Same-Month Rent Reimbursement - monetary reimbursement for any rent monies that have been paid by the resident for unused rent amount and in the month in which the incident occurred. this is intended to help with expenses of displacement and inconvenience, however resident may choose to apply this amount to replace personal belongings that were damaged or lost due to the incident. this reimbursement is prorated from the day that the incident occurred.
Lease Termination Protection – PTA resident has the right to terminate the lease as of the date of the incident and move out of the property without liability for termination fees or stipulated damages. If resident exercises this right of early termination, resident is still entitled to receive prorated same month rent reimbursement as set forth above.
Free Rent Vouchers - if PTA resident elects not to terminate the lease and rather to remain a resident at the apartment community then, in addition to the same-month rent reimbursement amount above, resident will receive additional free rent vouchers in the amount of $3,000 that can be applied to rent or to rent differentials on a substitute apartment on site.
Note: Free rent vouchers may be used at any time up to six (6) months from the date of the incident. they are not transferable to any other party or individual.
RENTERS INSURANCE REQUIREMENT: Participation in the PTA program satisfies the requirement of maintaining Renter’s Insurance under the Residential Lease Contract. It is understood and agreed that, according to the Lease, if the Resident does not provide valid proof of conforming Renter’s insurance at all times as required under the lease, Management has the right to automatically charge Resident a High Liability Renter Fee. The High Liability Renter Fee is not a liability waiver and confers no rights whatsoever upon the Resident.
If Resident desires to participate in the PTA, there is no automatic enrollment. Resident may only become a Resident in the PTA by expressly enrolling and by accepting these Terms and Conditions.
PERSONAL CONTENT COVERAGE: PTA is NOT an insurance product. It is a Liability Waiver in which management relinquishes resident’s liability to accidental damages. A separate Renter’s Insurance policy must be purchased from a third party in order for resident to have Personal Content Coverage.
CHANGES TO TERMS AND CONDITIONS: The Terms and Conditions of the PTA Liability Waiver Program may be terminated or modified by Management at any time with a 30-day written notice.
RE-ENROLLMENT PROCESS: Residents may sign up at any time during their residency with Wesley Apartment Homes. Additionally, residents may re-enroll on an at a time during the Lease Execution & Renewal process by asking the Office Staff to include these charges on the Lease Contract.
PAYMENT DEFAULT: Resident's Liability is NOT waived under the PTA Liability Waiver Program if Resident’s account with Management is NOT in good standing and a dispossessory proceeding has been filed for non-payment of Rent and PTA fees at the time of the incident.
LIMITATIONS OF THIS WAIVER
Liability is NOT waived if:
Damage that was caused intentionally. i.e. such as vandalism or by a deliberate act with the specific purpose of damaging the apartment or the community.
Your intentional acts or gross negligence.
Inclement weather or natural disaster
Cost of the damage exceeds $15,000, the limit of the PTA Liability Waiver. Anything over this amount, the Resident is responsible.
Damage is caused by domestic animals or pets.
Damage was caused by non-accidental failure to care properly for the apartment.
Extent of the damage was worsened by a failure to report the situation promptly.
Resident’s account with Management is not in good standing and a dispossessory proceeding has been filed.
Any damage that occurs if you are in violation of Residential Lease Contract.
The Resident fails to fulfill the required Resident Responsibilities below.
RESIDENT RESPONSIBILITIES IN THE EVENT OF A LOSS
Report damage situations and incidents promptly.
Assist Management in obtaining facts about what happened.
Assist Management in making sure the damage to the apartment or the community does not become worse once the incident occurs and prevent further damage to it.
If there is applicable insurance, contact the carrier to report the claim so that Management may more easily pursue recovery if Management chooses to do so.
If another person is responsible for the damage, assist Management in determining the identity of that person and in contacting them.
Sign a mutual release waiver of claims with Management up to and including the date of the incident that caused the damage.
Cooperate with Management by timely moving out of the apartment if required by Management, so that repairs can be done promptly.
Report the loss in writing prior to moving-out of the apartment home.